Acquisition of a Further 12.03% of Pilot Peridot PUTPROP LIMITED Incorporated in the Republic of South Africa (Registration number 1988/001085/06) Share code: PPR ISIN: ZAE000072310 (“Putprop” or “the Company” or “the Group”) ACQUISITION OF A FURTHER 12.03% OF PILOT PERIDOT 1. INTRODUCTION The board of directors of Putprop (“the Board”) is pleased to inform shareholders that the Company has concluded an agreement for the acquisition of a further 12.03% shareholding in Pilot Peridot Investments 1 Proprietary Limited (“Pilot Peridot”) from Frischgewaagd Projects Proprietary Limited for a total purchase consideration of R23 382 257.00 (“Purchase Consideration”), such that Putprop’s total shareholding in Pilot Peridot has increased to 73.24% (“the Acquisition”). 2. THE ACQUISITION 2.1 Details of Pilot Peridot Pilot Peridot is a company incorporated in South Africa with interests in property developments. Its sole asset is a 50% undivided share in Summit Place, a mixed-use retail and commercial development in the Menlyn area of Pretoria, with a gross lettable area (“GLA”) of 31 120 square metres. Details of the property are as follows: GLA Weighted average rental Building Sector % (square metres) per square metre (ZAR) Building A Commercial 100 1 315 205.31 Building C Commercial 100 4 804 219.13 Building D Retail 100 4 751 150.04 Building E Commercial 100 15 282 192.85 Building G1 Retail 100 4 968 160.93 The total weighted average rental per square metre is R188.00. 2.2 Rationale for the Acquisition The Acquisition complies with the Group’s stated objective of strategic investments focussed on retail and commercial opportunities, where yields are enhancing in the medium and long term. The acquisition of the additional 12.03% in Pilot Peridot allows the Group to enhance and protect its existing investment and pursue its strategy of holding an 100% holding in Pilot Peridot. 2.3 Purchase Consideration The Purchase Consideration which will be settled by means of internally generated cash will be paid in two tranches, as follows: - The first tranche of 60% of the aggregated Purchase Consideration, amounting to R14 029 354.20, will be paid within 7 business days of the signature date of the agreement (“the First Payment Date”); and - the second tranche, being the remaining balance of 40% of the aggregated Purchase Consideration, amounting to R9 352 902.80 is payable within 30 days of the signature date of the agreement (“the Second Payment Date”). 2.4 Effective Date The effective date of the Acquisition is 24 March 2022. 2.5 Conditions Precedent All conditions precedent in respect of the Acquisition have been fulfilled. 3. FINANCIAL INFORMATION The value of the net assets of Pilot Peridot as at 31 December 2021 was R61 527 101. The profit after tax attributable to the net assets of Pilot Peridot for the year ended 30 June 2021 was R26 896 802 and the profit before interest, fair value adjustments and tax attributable to the net assets of Pilot Peridot for the year ended 30 June 2021 was R24 327 152. The profit after tax attributable to the net assets of Pilot Peridot for the six months ended 31 December 2021 was R13 256 249 and the profit before interest, fair value adjustments and tax attributable to the net assets of Pilot Peridot for the six months ended 31 December 2021 was R16 856 266. A valuation of Summit Place, the main asset of Pilot Peridot, was performed on 30 June 2021 by JLL South Africa, who are independent and registered as a professional valuer in terms of the Property Valuers Profession Act, 2000 (Act 47 of 2000). A valuation of R527 800 000 was recorded. A valuation of Summit Place was performed on 31 December 2021 by Putprop’s directors, who are not registered as professional valuers in terms of the Property Valuers Profession Act, 2000 (Act 47 of 2000). The property was valued at an amount of R528 723 446. 4. CLASSIFICATION OF THE ACQUISITION The Acquisition is classified as a Category 2 transaction in terms of the Listings Requirements of the JSE Limited. Johannesburg 25 March 2022 Sponsor Merchantec Capital Date: 25-03-2022 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.